CoreWeave boosts 2026 spending plan, beats quarterly estimates on AI demand surge

CoreWeave, a so-called neocloud that offers hardware and cloud capacity to other technology companies, has seen demand skyrocket on relentless enterprise spending on AI.

Additionally, its close ties with Nvidia NVDA.O have cemented its position as a key provider of capacity powered by the sought-after Nvidia chips, and helped it draw high-profile customers such as Meta META.O, Claude creator Anthropic and Caterpillar CAT.N, among others, this year.

CoreWeave reported revenue backlog of $104.2 billion in the second quarter, up from $99.4 billion in the first quarter. On top of that backlog, it has secured more than $25 billion of net new customer commitments so far in the current quarter.

"We outperformed our plan across the board, with the operating leverage we have been building beginning to show up clearly in our results," CEO Michael Intrator said on a post-earnings call.